5 Reasons You Must Invest in Quality Technology
There’s no doubt that technology is more important when it comes to running a business than ever before. Despite this, many companies are nervous about properly investing in technology. It’s costly, and it often feels like the money could be better spent elsewhere.
This is a major mistake. The right technology gives your business incredible advantages. The wrong technology makes it difficult to succeed. Here are five reasons that every business, no matter the size, must invest in the right technology:
1. Keeping Employees Happy
Keeping employees happy should be a task of focus for your business. Happy employees are more productive. Happy salespeople, for example, sell almost 40% more than unhappy ones. Good technology keeps your employees happy. They’ll be able to get what they need to be done without any hiccups. You’ll enable their communication. With the right business technology, you can allow them to remain productive remote, empowering them with the freedom to get their work done from home. Making a more enjoyable and productive work environment should be a no-brainer, no matter how far you have to stretch the budget.
2. Spending More Money in the End
If money was no concern, every business in the world would have the very best technology. The bottom line is that most businesses invest in lower quality technology in order to save money. Usually, it actually costs more money in the long run. Consider a simple piece of technology like a computer. If you buy something cheaper, it might only cost $250 upfront. But in a couple of years, it will almost certainly break down or be unable to handle the necessary workload. You’ll have to buy another computer and another one-two more years down the line. By spending a little bit more upfront, you’ll get more use and end up saving money in the long-term.
3. Falling Behind the Competition
Getting an edge up on your competition takes a great deal of business technology. You need a strong CRM system to give your marketing and sales team the chance to convert prospects and grow existing customers. You need an effective website with a viable SEO strategy to gather prospects in the first place. If you lack a CRM system altogether, however, or have a bare-bones website, you’ll actually be at a disadvantage. Somebody may simply navigate away to a competitor that allows them to create an account with a couple of clicks and checkout with a more convenient option. Sometimes, investing in the right technology is the only way to stay viable.
4. Leaving Your Company Vulnerable
Investing in lackluster technology is more of a threat than ever before. Ten years ago, buying substandard computers meant that your employees would have to deal with slowdowns and inefficiencies. Today, not investing in the right technology means that you’re leaving your company vulnerable to the rest of the world. You need network security, anti-virus and anti-malware software, data backup services, and more. Consider that the average cost of a data breach is quickly rising. For large companies, the cost is millions of dollars. For smaller businesses, the cost could be the business itself. It’s always better to be safe rather than sorry.
5. Squandering Your Best Resource
The single most important resource that your company has is time. Managers need the time to effectively lead their team and develop new value-adding strategies and processes. Employees need time to complete their tasks without delay, leaving the company running smoothly and customers satisfied. At worst, bad technology will make their lives difficult and force them to work inefficiently. At best, the right technology can enhance their productivity, leaving them free to spend less time on clerical work and more time on more valuable tasks.
Investing in the right technology isn’t always a budget-friendly decision, but the benefits are clear. You’ll enjoy happy employees who make the most of their time. You’ll protect your business from potential disaster. And in the end, you might even spend less money than you would by constantly reinvesting in a more cost-effective solution.